The U.S. economy grew more than expected for the third quarter of this year, in part due to consumer spending, according to Bloomberg. Is this an indication that shoppers are feeling more confident?
Economists had calculated a 2 percent growth in domestic product last month, but that percentage was recently adjusted to 2.5 percent, according to figures from the Commerce Department. Purchases made by consumers rose at the fastest rate since the end of 2006.
The report also indicated that workers' wages increased during the second quarter by $97.4 billion from the first three months of 2010. That's a $51.billion increase from what was first reported.
"Households are getting a little bigger share of the pie," Michael Feroli, chief U.S. economist at JPMorgan Chase, told the news source. "For a more balanced recovery, it's good to see households are getting a little more."
This report may cause consumers to feel more confident about the economic climate in the U.S. as the holiday shopping season approaches. According to the national retail association, many consumers plan on shopping online to save money .